Barclays Chief Executive Bob Diamond steps down - have your say
The banking world is reeling today after the resignation of Barclay's Chief Executive Bob Diamond.
He stepped down amid controversy over the alleged fixing of banking rates.
The American has an estimated fortune of £95m and was once described by Lord Mandelson as the “unacceptable face of banking.”
His resignation comes after Barclays was fined £290 million by UK and US regulators for manipulating the Libor, the rate at which banks lend to each other.
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His downfall sparked calls for a full parliamentary inquiry or a Lord Leveson style inquiry into the banking sector.
What do you believe needs to happen now to the banking sector in Britain?
How can the banks rebuild public confidence?
Have your say using the comment facility below.
Here is Barclays’ statement on Bob Diamond’s resignation in full:
“Barclays today announces the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect.
“Marcus Agius will become full-time chairman and will lead the search for a new chief executive.
“Marcus will chair the Barclays Executive Committee pending the appointment of a new chief executive and he will be supported in discharging these responsibilities by Sir Michael Rake, deputy chairman.
“The search for a new chief executive will commence immediately and will consider both internal and external candidates. The businesses will continue to be managed by the existing leadership teams.”
Mr Diamond said: “I joined Barclays 16 years ago because I saw an opportunity to build a world-class investment banking business.
“Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across.
“We built world-class businesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has always been to do what I believed to be in the best interests of Barclays.
“No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen.
“I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth.
“I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work.
“I look forward to fulfilling my obligation to contribute to the Treasury Committee’s inquiries related to the settlements that Barclays announced last week without my leadership in question.
“I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry.”
Mr Agius said: “Bob Diamond has made an enormous contribution to Barclays over the last 16 years of distinguished service to the group, building Barclays Investment Bank into one of the leading global investment banks in the world.
“As chief executive he has led the bank superbly. I look forward to working closely with the chief executives of our businesses and the other members of the executive committee in leading Barclays world-class businesses in serving our customers and clients and delivering value for our shareholders.”